NEW YORK, Sept. 10, 2012 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., recently negotiated a 16 ½-year, 98,000-square-foot lease on behalf of Coty Inc., a global leader in the beauty industry with brands in fragrance, color cosmetics, skin and body care. Coty is expanding its research and development space from two other buildings within the same corporate park to 500 The American Road in Morris Plains, New Jersey. On Coty's behalf, Cassidy Turley's Richard Bernstein, Executive Vice Chairman, Principal and Ralph Giordano, Senior Managing Director negotiated directly with the principals of Lighthouse Real Estate Ventures, Paul Cooper and Louis Sheinker.
The expansion is the result of Coty's need for a larger, new research and development facility within a single structure to accommodate planned growth within the business unit and the relocation of other R&D employees from foreign locations. The facility will include laboratory, office, consumer testing and warehouse space, and reinforces Coty's commitment to maintain a high-tech facility in Morris County, pulling from its diverse labor pool. Coty has had a longstanding relationship with the Cassidy Turley team of Mr. Bernstein and Mr. Giordano, who have worked to develop Coty's real estate strategy and manage their extensive portfolio of leased and owned properties for over eight years.
"As a result of working closely with Coty for the better part of a decade, we possess significant insight that enables us to identify and pair opportunities with their business plans even before they completely materialize," said Richard Bernstein, Executive Vice Chairman, Principal, Cassidy Turley. "Ralph and I are delighted to have helped create and negotiate the right transaction for Coty that provides them with a clean canvass to design a state of the art facility that will serve their company for years to come. Lighthouse, who has owned the park for several years, continues to provide the type of consistent service that Coty demands for its business and we're pleased that they value Coty's tenancy."
"Since taking ownership of the asset, we have strived to make this the premier flex/office destination in Morris County," said Louis Sheinker, Principal, Lighthouse Real Estate Ventures. "We're glad Coty sees this value and look forward to a long-term relationship with this successful company."
Coty Inc. was founded in 1904 and through astute acquisitions and licensing partnerships has achieved a leadership position in fragrance, now with over 12,000 employees worldwide, with offices in more than 30 countries, and a strong presence in 135 markets worldwide. Driven by passion, innovation, creativity and entrepreneurial spirit, Coty has built a unique portfolio of brands that produced some of the strongest consumer franchises in history.
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About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
SOURCE Cassidy Turley